MIRA INFORM REPORT

Report No. :	489185
Report Date :	02.02.2018

IDENTIFICATION DETAILS

Name :	FISCHLER DIAMONDS NV

Registered Office :	Schupstraat 21, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	30.07.1969

Com. Reg. No.:	406804241

Legal Form :	Public limited company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	7

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

COMPANY NAME

FISCHLER DIAMONDS NV

Company summary

Business number	406804241
Branche Unit Number	2002692385
Company name	FISCHLER DIAMONDS NV
Address	SCHUPSTRAAT 21
	2018 ANTWERPEN
Date of establishment	30/07/1969
Telephone number	3232324660
Mobile number	-
Fax number	032332974
Liable for VAT	yes
VAT Number	BE.0406.804.241 Check VAT number

Ultimate holding company

Company name	Company Number
VALERE	862002475

Commentary

The business was established over 48 years ago. The business has 7 employees.

The business is part of a group.

The business has been at the address for over 14 years.

Operating Result in the latest trading period increased 852% on the previous trading period. Net Worth increased by 24% during the latest trading period.

Pre-tax profits increased by 9541% compared to the previous trading period. Turnover in the latest trading period increased 36% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	40,531,482	3,281,613	13,543,089	14,699,804
31/12/2015	29,596,562	34,035	10,904,784	11,215,045
31/12/2014	35,024,905	55,958	10,197,535	10,429,973
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	20,666,198	7	1,921,956	3,220,586
31/12/2015	17,117,623	8	2,470,390	77,093
31/12/2014	19,321,932	7	1,802,000	119,623

Payment expectations

Past payments		Payment expectation days	25.50
Industry average payment	200.93	Industry average day sales	212.08
expectation days		outstanding
Day sales outstanding	83.39

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

21/05/2001

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	200
Description	Additional joint committee for the employees
category
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category
Significant Events
Event Date	24/07/2015
Event Description	resignation-appointment of director(s)
Event Details	/2015 benoemd tot bestuurder en gedelegeerd bestuurder.
Event Date	24/07/2015
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 01-09-2015: De heer Fischler Maurice wordt vanaf 31/08/2015 ontslagen als bestuurder. De heer Fischler Neil wordt ontslagen vanaf 31/08/2015 als bestuurder en als gedelegeerd-bestuurder. De heer Fischler Joseph wordt vanaf 01/09

Company accounts

Assets

Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	732,388	-5.24	772,867	-6.65	827,967	-6.87	889,087	-3.95	925,629
Intangible fixed assets	481	-77.44	2,132	-64.21	5,957	-49.56	11,811	-24.68	15,681
Tangible fixed assets	714,186	-5.16	753,014	-6.38	804,289	-6.43	859,556	-3.68	892,428
Land & building	693,481	-4.16	723,553	-3.21	747,552	-3.11	771,551	-3.02	795,550
Plant & machinery	20,522	-29.40	29,068	-24.51	38,507	-27.20	52,892	61.05	32,842
Furniture & Vehicles	184	-53.09	393	-97.84	18,230	-48.08	35,113	-45.17	64,036
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	17,721	0	17,721	0	17,721	0	17,721	1.14	17,521
Total current assets	19,933,810	21.96	16,344,756	-11.62	18,493,965	3.40	17,886,605	-4.85	18,798,114
Inventories	9,896,752	20.23	8,231,751	-25.43	11,038,858	23.44	8,942,939	-16.74	10,740,487
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	9,896,752	20.23	8,231,751	-25.43	11,038,858	23.44	8,942,939	-16.74	10,740,487
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	9,259,616	25.52	7,376,878	0.54	7,337,389	-8.35	8,006,253	13.85	7,032,175
Other amounts receivable	19,096	-2.11	19,507	33.97	14,562	-54.19	31,785	-53.03	67,673
Cash	735,152	4.68	702,289	691	88,764	-90.00	887,509	-4.81	932,335
Miscellaneous current assets	23,195	61.86	14,330	-0.43	14,393	-20.56	18,118	-28.79	25,444
Total Assets	20,666,198	20.73	17,117,623	-11.41	19,321,932	2.91	18,775,692	-4.81	19,723,743
Liabilities
Total shareholders equity	13,543,570	24.17	10,906,916	6.89	10,203,492	0.58	10,144,553	0.62	10,081,810
Issued share capital	1,921,956	-22.20	2,470,390	37.09	1,802,000	0	1,802,000	0.00	1,802,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	11,621,613	37.75	8,436,527	0.42	8,401,492	0.71	8,342,553	0.76	8,279,810
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	7,122,628	14.68	6,210,707	-31.89	9,118,440	5.65	8,631,139	-10.48	9,641,934
Other long term loans	1,888,623	74.71	1,080,995	2.52	1,054,449	3.35	1,020,229	-9.07	1,121,975
Other long term liabilities	0	-	0	-	0	-	0	0	-1
Total long term debts	1,888,623	74.71	1,080,995	2.52	1,054,449	3.35	1,020,229	-9.07	1,121,974
Current portion of long term debt	78,211	5.35	74,240	5.35	70,469	5.35	66,891	5.35	63,494
Financial debts	2,300,930	-35.58	3,571,919	-36.63	5,636,607	3.14	5,464,791	-22.30	7,032,761
Trade creditors	2,583,167	80.70	1,429,554	-36.45	2,249,395	26.58	1,777,070	59.23	1,116,060
Amounts Payable for Taxes,	144,623	234	43,172	21.70	35,473	-23.35	46,277	-11.60	52,351
Remuneration & Social Security
Miscellaneous current liabilities	127,075	1073	10,826	-84.97	72,047	-71.84	255,881	0.23	255,293
Total current liabilities	5,234,005	2.03	5,129,712	-36.39	8,063,992	5.95	7,610,910	-10.67	8,519,959
Total Liabilities	20,666,198	20.73	17,117,623	-11.41	19,321,932	2.91	18,775,692	-4.81	19,723,743
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	8.10	7263	0.11	-31.25	0.16	-80.49	0.82	38.98	0.59
Return on capital employed	21.26	7492	0.28	-44.00	0.50	-81.55	2.71	8.84	2.49
Return on total assets employed	15.88	7840	0.20	-31.03	0.29	-81.99	1.61	14.18	1.41
Return on net assets employed	24.23	7716	0.31	-43.64	0.55	-81.61	2.99	8.33	2.76
Sales / net working capital	2.76	4.55	2.64	-21.43	3.36	-6.41	3.59	-21.79	4.59
Stock turnover ratio	24.42	-12.19	27.81	-11.77	31.52	30.03	24.24	6.41	22.78
Creditor days	25.50	42.86	17.85	-24.56	23.66	32.40	17.87	104	8.75
Debtor days	83.39	-8.34	90.98	18.99	76.46	-3.45	79.19	45.46	54.44
SHORT TERM STABILITY
Current ratio	3.81	19.44	3.19	39.30	2.29	-2.55	2.35	6.33	2.21
Liquidity ratio / acid ratio	1.92	21.52	1.58	71.74	0.92	-22.03	1.18	24.21	0.95
Current debt ratio	0.39	-17.02	0.47	-40.51	0.79	5.33	0.75	-11.76	0.85
Cashflow	3,220,586	4077	77,093	-35.55	119,623	-68.53	380,169	4.37	364,245
Net worth	13,543,089	24.19	10,904,784	6.94	10,197,535	0.64	10,132,742	0.66	10,066,129
LONG TERM STABILITY
Gearing	31.51	-27.30	43.34	-34.60	66.27	2.60	64.59	-20.77	81.52
Equity in percentage	65.54	2.84	63.73	20.66	52.82	-2.29	54.06	5.67	51.16
Total debt ratio	0.53	-7.02	0.57	-35.96	0.89	4.71	0.85	-11.46	0.96
Working capital	14,699,804	31.07	11,215,045	7.53	10,429,973	1.50	10,275,695	-0.02	10,278,155
Profit & loss
Operating Income	40,537,908	36.90	29,611,034	-15.52	35,049,665	-5.05	36,914,501	-21.76	47,178,634
Turnover	40,531,482	36.95	29,596,562	-15.50	35,024,905	-5.08	36,900,506	-21.74	47,148,259
Total operating expenses	36,980,263	26.54	29,223,827	-15.79	34,702,068	-4.37	36,288,579	-22.05	46,556,218
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	40,554,834	38.70	29,238,300	-15.80	34,726,828	-4.34	36,302,574	-22.08	46,586,592
Employee costs	269,655	4.25	258,664	7.67	240,229	-14.07	279,547	2.17	273,606
Wages and salary	212,270	2.33	207,430	7.39	193,158	-12.60	221,012	3.35	213,853
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	45,553	5.30	43,262	10.81	39,042	-20.06	48,840	-1.40	49,534
Other employee costs	11,832	48.43	7,972	-0.72	8,029	-17.19	9,695	-5.13	10,219
Director remuneration	115,200	7.35	107,310	52.02	70,591	-33.39	105,978	-	-
Amortization and depreciation	35,500	-15.59	42,058	-30.69	60,684	-21.62	77,426	-6.65	82,945
Operating result	3,551,219	852	372,734	15.46	322,837	-47.24	611,927	3.36	592,041
Total financial income	1,241	1451	80	-62.76	215	-90.52	2,264	-73.59	8,573
Total financial expenses	253,920	-25.05	338,779	26.84	267,093	-14.14	311,091	-3.38	321,963
Results on ordinary operations	3,281,613	9541	34,035	-39.18	55,958	-81.54	303,101	8.77	278,652
before taxation
Extraordinary Income	16,927	746	2,000	-49.24	3,940	-23.39	5,143	42.66	3,605
Extraordinary Charges	-	-	1,002	887	102	-	-	-	-
Extraordinary items	16,927	1596	998	-74.01	3,838	-25.37	5,143	42.66	3,605
Results for the Year Before Taxation	3,298,540	9315	35,033	-41.41	59,797	-80.60	308,243	9.21	282,257
Taxation	113,453	5087599	-2	-100	858	-84.40	5,500	474	957
Results on ordinary operations	3,168,160	9207	34,037	-38.23	55,100	-81.49	297,601	7.17	277,695
after taxation
Net result	3,185,087	8991	35,035	-40.56	58,939	-80.53	302,743	7.62	281,300
Profit (Loss) for the Year to be appropiated	3,185,087	8991	35,035	-40.56	58,939	-80.53	302,743	7.62	281,300
Dividends	548,433	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2016
Full-time Employees		3
Part-time Employees		6
Total Fte Employees		7
Number of hours worked
Full-time Employees		4,857
Part-time Employees		5,145
Total		10,002
Personnel Charges
Full-time Employees		148,358
Part-time Employees		121,298
Total		269,655
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		8
Actual working hours		11,069
Personnel Charges		258,664
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	6	7
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	1	2
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	2	2
Secondairy education	2	3	4
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	4	5
Blue collar worker	1	2	2
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	1	1	1
Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Payment Information Summary
Total number of Invoices available	13
Total number of Invoices paid within or up to 30 days after the due date	12
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	1
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history

Amount	-
Details	-
Payment expectations
Payment expectation days	25.50
Day sales outstanding	83.39
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	200.93
expectation days
Industry average day sales	212.08
outstanding

Industry quartile analysis
Payment expectations
Company result	25.50
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding

Company result	83.39
Lower	134.36
Median	82.06
Upper	44.92

Shareholder Details

Summary
Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- VALERE	862002475	31-12-2014
- - FISCHLER DIAMONDS NV	406804241	31-12-2016

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

Summary
Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Summons
Legal event type	Social Security Summons
Event date	21/05/2001
Court type	Court name
Creditor's name	3rd party type

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Position	Managing Director
Start Date	01/09/2015
Street	1 ROOILAAN ANTWERPEN
Post code	2600
Country	Belgium
Name	Joseph Fischler
Position	Director
Start Date	01/09/2015
Street	1 ROOILAAN ANTWERPEN
Post code	2600
Country	Belgium
Name	Michel Fischler
Position	Managing Director
Start Date	01/03/2015
Street	6 FILIP WILLIOTSTRAAT Berchem (Antwerpen)
Post code	2600
Country	Belgium
Position	Director
Start Date	01/03/2015
Street	6 FILIP WILLIOTSTRAAT Berchem (Antwerpen)
Post code	2600
Country	Belgium
Name	Stephane Fischler
Position	Managing Director
Start Date	01/03/2015
Street	19 FOURMENTSTRAAT Antwerpen
Post code	2018
Country	Belgium
Position	Director
Start Date	01/03/2015
Street	19 FOURMENTSTRAAT Antwerpen
Post code	2018
Country	Belgium
Former director details
Name	Neil Fischler
Position	Managing Director
Start Date	01/06/2014
End Date	31/08/2015
Street	13 SORBENLAAN Wilrijk (Antwerpen)
Post code	2610
Country	Belgium
Position	Director
Start Date	25/07/2005
End Date	31/08/2015
Street	13 SORBENLAAN Wilrijk (Antwerpen)
Post code	2610
Country	Belgium
Name	VALERE
Position	Managing Director
Start Date	09/12/2003
End Date	28/02/2015
Street
Post code
Country
Position	Director
Start Date	09/12/2003
End Date	28/02/2015
Name	Maurice Fischler
Position	Director
Start Date	01/01/2007
End Date	31/08/2015
Street	18 Rehov Hirschenberg Tel Aviv
Post code
Country	Israel
Position	Permanent representative legal entity
Start Date	09/12/2003
End Date	05/07/2013
Street	18 Rehov Hirschenberg Tel Aviv
Post code
Country	Israel
Name	Sam Fischler
Position	Director
Start Date	01/10/2013
End Date	31/10/2014
Street	60 Haringrodestraat Antwerpen
Post code	2018
Country	Belgium
Name	Abraham Fischler
Position	Director
Start Date	02/01/2013
End Date	03/01/2013
Street	7 BESCHAVINGSTRAAT ANTWERPEN
Post code	2020
Country	Belgium
Position	Director
Start Date	09/12/2003
End Date	31/12/2010
Street	7 BESCHAVINGSTRAAT ANTWERPEN
Post code	2020
Country	Belgium
Name	Michel Fischler
Position	Permanent representative legal entity
Start Date	09/12/2003
End Date	28/02/2015
Street	107 Molenheidebaan Boortmeerbeek
Post code	3190
Country	Belgium
Name	Stephane Fischler
Position	Permanent representative legal entity
Start Date	09/12/2003
End Date	05/07/2013
Street	19 FOURMENTSTRAAT Antwerpen
Post code	2018
Country	Belgium

Former mandates in other companies

Name	AMA J BVBA
Business number	873539933
Position	Manager
Start Date	01/04/2005
End Date	11/12/2008

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.61
UK Pound	1	INR 89.32
Euro	1	INR 78.95
Euro	1	INR 79.95

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.